The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a negative opening for the index in India with a 60 points loss.
The BSE Sensex climbed 91.84 points to 49,584.16 on January 14 while the Nifty50 rose 30.70 points to 14,595.60. According to pivot charts, the key support levels for the Nifty are placed at 14,505.47, followed by 14,415.33. If the index moves up, the key resistance levels to watch out for are 14,651.77 and 14,707.93.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
Wall Street closed lower on Thursday after making a u-turn toward the end of the session as reports emerged about U.S. President-elect Joe Biden’s pandemic aid proposal following earlier data that showed a weakening labor market.
The Dow Jones Industrial Average finished down 68.95 points, or 0.22%, at 30,991.52 while the Nasdaq Composite dropped 16.31 points, or 0.12%, to 13,112.64.
Asian shares rose on Friday, brushing off a late Wall Street dip as expectations of large U.S. stimulus under President-elect Joe Biden shored up sentiment while oil prices perked up on upbeat Chinese trade figures.
In Asia, investors held a broadly more optimistic with Australia’s S&P/ASX 200 up 0.2%, Japan’s Nikkei 225 0.3% higher and South Korea’s KOSPI inching up 0.2%.
Trends on SGX Nifty indicate a negative opening for the index in India with a 60 points loss. The Nifty futures were trading at 14,563 on the Singaporean Exchange around 07:30 hours IST.
Oil prices climb
Oil prices edged higher on Thursday, boosted by a weak dollar and bullish signals from Chinese import data but pressured by renewed worries about global oil demand due to surging coronavirus cases in Europe and new lockdowns in China.
Brent crude oil futures rose 36 cents, or 0.6%, to settle at $56.42 a barrel. U.S. West Texas Intermediate (WTI) ended 66 cents, or 1.3%, higher at $53.57.
Budget session to begin from January 29, Budget 2021 on February 1
The Union Budget 2021-22 would be presented on February 1, confirmed the Lok Sabha Secretariat. The Parliament session would be starting from January 29, and would be held in two phases.
“The fifth session of 17th Lok Sabha will commence on Friday, the 29th January, 2021. Subject to exigencies of government business, the session is likely to conclude on Thursday, the 8th April, 2021," said an official press release by the Lok Sabha Secretariat.
Economic recovery likely to boost gold demand in India this year: WGC
Gold demand appears to be positive in India as the consumer sentiment is likely to recover in 2021, from its dismal performance due to the coronavirus pandemic-related disruptions and volatile price movement, according to a report by the World Gold Council (WGC).
Initial data about the Dhanteras festival in November suggest that while jewellery demand was still below average, it had substantially recovered from the lows seen in the second quarter (April-June 2020) of last year, according to the report.
Real estate | Outlook negative for residential and retail segments; stable for office leasing: ICRA
Despite recovery of residential sales to pre-COVID levels in the second quarter of the financial year 2021 on account of pent-up demand and improved affordability, timely liquidation of the high unsold inventory, particularly in over-supplied regions such as MMR and NCR, would still remain a challenge, ICRA has warned.
Adequacy of operating cash flows to meet debt obligations would be a key look-out area, with residential developers having built-up high debt levels on account of slow-moving inventory or high investment in land assets, it said.
MSCI to raise weight of Bharti Airtel in February quarterly index review, after hike in FPI limit
The weightage of telecom operator Bharti Airtel stock in the MSCI Global Standard Indexes will be raised in the February 2021 quarterly review, said the MSCI. National Securities Depository Limited (NSDL), on January 12, had updated the foreign investment limit for Bharti Airtel from 49 percent to 100 percent.
Following which, MSCI on January 14 said the proforma foreign ownership limit (FOL) and upward movement of the adjustment factor due to foreign room would be implemented as part of the upcoming February 2021 Quarterly Index Review (QIR).
US unemployment claims jump to 965,000 as virus takes toll
The number of people seeking unemployment aid soared last week to 965,000, the most since late August and evidence that the resurgent virus has caused a spike in layoffs.
The latest figures for jobless claims, issued Thursday by the Labor Department, remain at levels never seen until the virus struck. Before the pandemic, weekly applications typically numbered around 225,000. Last spring, after nationwide shutdowns took effect, applications for jobless benefits spiked to nearly 7 million — 10 times the previous record high. After declining over the summer, weekly claims have been stuck above 700,000 since September.
Results on January 15
HCL Technologies, L&T Finance Holdings, PVR, Shoppers Stop, Bhakti Gems and Jewellery, Aditya Birla Money, Gautam Gems, Hathway Cable & Datacom, Indo Asian Finance, Mardia Samyoung Capillary Tubes, Next Mediaworks, Onward Technologies, Plastiblends India, Soril Infra Resources, Yaarii Digital Integrated Services and Ardi Investment will announce their quarterly earnings.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 1,076.62 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 188.1 crore in the Indian equity market on January 14, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
One stock - BHEL - is under the F&O ban for January 15. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.With inputs from Reuters & other agencies